Summerset profit jumps 58%

Summerset Group has lifted its annual net profit by 58 percent due to rising investment property values, as well as a rise in underlying earnings.

The retirement village operator said net profit was $54.2 million for the year to December, including a $22.8 million increase in the value of its properties.

The chief executive of Summerset, Julian Cook, said the underlying result hit a record high.

"We built 261 units, we opened four new villages - which is a record for us - we had three new care centres opening and we did hit a couple of big milestones, which was we have now over 2000 retirement units and 3000 people living with us," he said.